Pushpay SaaS Valuation, page-26

As a declared new investor, you have your first opportunity to practise the art of patience. The points raised regarding COVID-19 and the likely impact on the extent of Giving are valid in that the most recent event , namely the GFC, resulted in a decline in Giving in the USA to the tune of 19%.

Suggest have a read of some of the survey material on the COVID thread, this conducted by third parties in the States. In-building church attendance is a fraction of what it was. Churches now rely on on-line streaming and an accelerated move to digital. This is such that PushPay demonstrated confidence in declaring ‘mouthwatering’ guidance for FY2021 on the 6th of May at a time when many of your top ASX 200 were withdrawing guidance for FY2020.

On the 18th of June, PushPay extended that guidance. It confirms that an acceleration to digital has created a huge tailwind for the Business. Some churches are reporting an increase in congregation size via on- line four fold that of in-house. The hurt remains apparent in small rural and suburban churches. PushPay targets medium to large churches. When last reported, the Company serviced 57 of the top 100 churches in the USA. Mega churches in the States have a congregation size upwards of 10000 with the largest boasting weekly attendance in excess of 50000 congregants, that is before COVID-19.

Patience !! November is just around the corner.

Rokewa